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Steinhoff Says Around 90% Of Creditors Support Debt Lock-Up

Published on Jul 19 2018 2:30 PM in Retail tagged: South Africa / credit / Debt / Steinhoff International / Paywall

Steinhoff Says Around 90% Of Creditors Support Debt Lock-Up

Steinhoff said on Thursday that around 90% of creditors for several subsidiaries supported an agreement to hold off debt claims for three years, an important step in restructuring the scandal-hit South African retailer.

Steinhoff said investors holding 89% of the debt of Steinhoff Europe AG (SEAG) and 89% of the debt of Stripes US Holding Incorporated had given initial consent to a so-called 'lock-up agreement', which is still being finalised.

Between 92% and 99% of investors holding bonds issued by Steinhoff Finance Holding GmbH also give their support to the lock-up, the company said in a statement.

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